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Lake Greenwood and Greenwood Real Estate Updates

Welcome to our Greenwood SC and Lake Greenwood area real estate blog. Here you'll find useful updates on Greenwood real estate, tips for buying and selling a home in Greenwood and even recent home sales in the Greenwood area. We strive to keep up to date with local and national real estate trends so we can keep YOU better informed.

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The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy your dream home in Greenwood if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic. Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage! Don't wait to participate in the Greenwood Real Estate Market. If you are ready to buy, meet with a real estate professional to act as soon as possible!

The National Association of REALTORS® surveyed their members for their monthly Confidence Index. The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. According to this survey, homes sold in 60 days or less in 36 out of 50 states, and Washington D.C. Also, homes typically went under contract in 34 days in March! If you are planning on selling your Greenwood home, now is the time! Meet with a Greenwood Real Estate Market professional to get your home sold as quickly as possible!

Owning your dream home in Greenwood gives you control of your living space, flexibility in future decisions, privacy and security, and the freedom to build the life you have always wanted. Becoming a homeowner is more sensible than renting for both financial and lifestyle reasons. Meet with a Greenwood real estate market professional to discuss your options and make your dreams a reality. Contact us at (864) 341-7774 or mailto:lakegreenwoodproperty@gmail.com.

Now is the time to buy your first home! Participating in the Greenwood Real Estate Market is one of the best ways to build your wealth in today’s economy. But don’t take it from us! David Bach is a self-made, well respected millionaire who was recently quoted in a CBNC article explaining that "the single biggest mistake millennials are making" is not purchasing a home because buying real estate is "an escalator to wealth.”

Bach went on to explain:

"If millennials don't buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter."

In his bestselling book, “The Automatic Millionaire,” Bach does the math:

"As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month for 30 years comes to $540,000), and in the end wind up just where you started — owning nothing. Or you can buy a house and spend the same amount paying down a mortgage, and in the end wind up owning your own home free and clear!"

Why Listen to Bach?

Bach is a self-made millionaire who has written nine consecutive New York Times bestsellers, and his book, “The Automatic Millionaire,” was on this list for 31 weeks! He is one of the only business offers in history to simultaneously have four books on the New York Times, Wall Street Journal, BusinessWeek, and USA Today bestseller list. He has also been a contributor to NBC’s Today Show appearing more than 100 times,has been a regular on ABC, CBS, Fox, CNBC, CNN, Yahoo, The View, and PBS, and has been profiled in many major publications, including The New York Times, BusinessWeek, USA Today, People, Reader’s Digest, Time, Financial Times, The Washington Post, The Wall Street Journal, Working Woman, Glamour, Family Circle, Redbook, Huffington Post, Business Insider, Investors’ Business Daily, and Forbes.

Bottom Line

When a well-respected millionaire gives investment advice, we listen! If you don’t yet live in your own house, don’t wait to buy your dream home in Greenwood. Participating in the Greenwood Real Estate Market is one excellent way to build your wealth in today’s economy. Meet with a real estate professional today to discuss your next steps and find the best option for you! Contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.

The best time to sell something is when the supply of that item is low, and the demand for that item is high! This simple concept of supply and demand applies also to the Greenwood Real Estate Market. There has not been a 6-months inventory supply since 2012, meaning that there has been a Seller's Market for nearly 5 years! As buyer demand continues to outpace supply, now is a great time to sell your house. Meet with a real estate professional today to discuss your next steps. Contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com.

CoreLogic recently released a report in which they examined the years leading up to the residential foreclosure crisis in the United States all the way through to the present day. At the peak of the crisis in 2010, we saw nearly 1.2 million homes foreclosed, and over 7.7 million families lost their homes throughout the entire foreclosure crisis. According to the chief economist of CoreLogic, Dr. Frank Nothhaft, "The country experienced a wild ride in the mortgage market between 2008 and 2012, with the foreclosure peak occurring in 2010. As we look back over 10 years of the foreclosure crisis, we cannot ignore the connection between jobs and homeownership. A healthy economy is driven by jobs coupled with consumer confidence that usually leads to homeownership." As the economy continues to improve, so does the Greenwood Real Estate Market because increasing employment numbers means there is a greater ability of home buyers to purchase their dream home.

Since the peak of the crisis, foreclosures have been steadily declining by almost 100,000 per year as seen in the chart below.

By the end of this year, the country will be back to 2005 levels if this trend continues. As the economy continues to improve, and employment numbers increase, the number of completed foreclosures can be expected to decrease. Now that the foreclosure crisis is behind us, it is a great time to make your dreams of owning your dream home in Greenwood a reality. Meet with a real estate professional to discuss your next steps. Contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com.

This infographic defines the "Cost of Waiting to Buy" as the additional funds it would take to buy your dream home if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, and CoreLogic predicts home prices to appreciate by 4.8%. This means that waiting to buy your Greenwood home could end up costing you thousands of dollars a year for the life of your mortgage! If you're ready to make your dream of home owning a reality, don't wait until your luck has run out. Meet with a real estate professional today to discuss your next steps. Contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com.

The February numbers are not in yet, but the January numbers for this year's housing market were sensational. According to the Chief Economist for the National Association of Realtors, Lawrence Yun, "Much of the country saw robust sales activity last month as a strong hiring and improvised consumer confidence at the end of last year appear to have sparked considerable interest in buying a home. Market challenges remain, but the housing market is off to a prosperous start as homebuyers stayed off inventory levels that are far from adequate..."

Also, CBN says that consumer confidence in the economy has been fueling the market: "U.S. home resales surged to a 10-year high in January as buyers shrugged off higher prices and mortgage rates, a sign of growing confidence in the economy."

The only challenge to the market is the lack of inventory. There has been a 7.1% decrease in supply from the same time last year, meaning the demand for your home is high! With demand increasing and supply dropping in Greenwood Real Estate, now could be the perfect time to get the best price for your home. Let's get together to discuss the inventory levels in your neighborhood and to determine your next steps. Contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.

In the National Association of REALTORS' latest Profile of Home Buyers & Sellers, it was reported that 58% of all first-time buyers in 2016 were married couples. It makes sense that married couples would dominate the statistics once again because having two incomes to save for downpayment and contribute to monthly housing costs makes buying your dream home more attainable. Many couples are also deciding to buy a home before spending what would be a downpayment on their wedding, as unmarried couples accounted for 14% of all first-time buyers in 2016. However, there is no need to fret if you are single! Single women made up 18%, and single men made up 8% of all first-time buyers last year, proving you can make it on your own! Below is the breakdown of all first-time homebuyers in 2016 by percentage of all buyers, income, and age.

You may not be that much different than those who have already purchased a home. Let's make your dream a reality, too! Visit our website or contact us at (864) 341-7774 or lakegreenwoodproperty@gmail.com.

The National Association of Realtors' latest Housing Pulse Survey revealed that the two major reasons americans prefer buying their own home rather than renting are:

1. Homeownership provides the opportunity to build equity.

2. Homeownership provides a safe and stable environment.

Building Equity

Buying your dream home in Greenwood means that each month, your housing payments go toward building your own equity instead of your landlord's. History has shown that homeownership is a clear path to wealth-building, and homeowners have net worth multiples higher than a renter's. It is for this reason that The Mortgage Reports refer to homeownership as "the essence of 'The American Dream.'"

Family Stability

In a survey conducted by rent.com, 68% of property managers predicted that rental rates will continue to rise in the next year by an average of 8%. Also, 53% of property managers reported that they were more likely to bring in a new tenant at a higher rate than to renegotiate and renew a lease with a current tenant. These are two big reasons why tenants should feel less stable with their housing decision. Owning your home provides a much more stable environment for you and your family.

Homeowners enjoy a more stable environment while simultaneously building their family's net worth. If you are ready to take your next steps toward your dream of homeownership, have a professional on your side to help you through the process. Visit our website or contact us at (864)341-7774 or lakegreenwoodproperty@gmail.com.